Comprehensive Insurance on Business Equipment: LMBF Equipment Breakdown Insurance
If your business owner’s policy contains property insurance, you may already be aware that while your coverage will protect your building and its contents, it generally excludes coverage for electrical, mechanical, or pressure breakdowns to your equipment. For this, you will need specialized insurance on your business equipment otherwise known as an equipment insurance policy. LMBF helps tailor equipment breakdown insurance for losses due to accidental or sudden breakdown of insured equipment that might not otherwise be covered by a standard commercial policy. Under an equipment insurance policy, you may insure anything that is mechanical, electronic, under pressure (such as boilers), or electrical.
What Equipment Breakdown Insurance Covers
Repairs
Electrical and mechanical breakdowns can be catastrophic for businesses that depend on their equipment. If your insured equipment should suddenly breakdown or malfunction, your equipment insurance policy may contain coverage for the cost of repairs and restoration.
Temporary Replacement
If an integral piece of machinery or equipment should unexpectedly breakdown or suddenly malfunction, your equipment insurance may include coverage for a temporary replacement so you can continue running your business while your existing piece is repaired.
Loss of Income
During a period of lost income arising from unfulfilled orders and services or canceled reservations, your equipment insurance policy may include coverage for lost sales and revenues.
- Loss of income
- Repair costs
- Temporary replacement
- Damage to other property
- Sudden and accidental breakdown
- Third-party liability
- External sources causing loss
- Intentional damages
- Criminal activities
- Sudden discharges of water
What is equipment breakdown insurance?
Equipment breakdown insurance is insurance on business equipment that is designed to reimburse you for any losses arising due the unexpected malfunction of your important machinery or equipment. Insurance companies will likely reject equipment breakdown claims without adequate insurance as a typical commercial property policy won’t include losses due to breakdown or sudden malfunction. For any business that depends on its equipment and machinery, this policy is crucial.
Equipment Insurance Policies for These Business Sectors:
Construction
- HVAC construction
- Commercial construction
- Residential construction
- Demolition
- Electrical installers
- Highway construction
Manufacturing
- Metal manufacturers
- Autobody part manufacturers
- Chemical manufacturers
- Food manufacturers
Transportation
- Airlines
- Freight road transportation
- Courier companies
- Railways
- Trucking companies
Retail Industry
- Liquor retail
- Grocery retailing
- Furniture retailing
- Garden supplies retailing
- Auto parts retailers
Wholesale distribution
- Agricultural machinery wholesale
- Audio and video equipment retailers
- Bakery product wholesale merchants
Professional Services Industry
Our Equipment Breakdown Insurance partners
The cost of repairs or replacing damaged equipment can be colossal for some businesses, and it’s not something you’ll want to have to deal with on top of your existing business expenses and operations. LMBF has partnered with some of Canada’s top equipment breakdown insurance carriers to help ensure you get an equipment insurance policy that is uniquely tailored to your coverage needs. Start with a free quote to see how affordable great coverage can be.
